Akzo Nobel India Limited informed that further to the Notice (dated 22nd December 2023) from the Odisha GST Department, an order dated 28th April 2024 has been received by on 29th April 2024. The details of any change in the status and /or any development in relation to such proceedings: The Company had received a Show Cause Notice (SCN) from the Odisha GST Department (dt. 22nd December 2023) during the GST Audit for the financial year 2018-2019 thereby disallowing the Input Tax Credit (ITC) under the CGST/SGST Act, 2017 and demanded INR 2,556,494/- (plus interest and penalty).

However, the company responded to the notice along with the supporting documents within the given time limit. The Deputy Commissioner of State Tax, Odisha GST Department reviewed reply and issued an Order dated 28th April 2024 thereby dropping the demand of INR 2,524,414/- (plus interest and penalty) and mentioning the final demand as INR 81,110/- (comprising Tax: INR 32,080/-; Interest: INR 29,030/-; and Penalty: INR 20,000/-).